The transaction will lift the firm’s assets under management to $15.1 billion and increases its exposure to one of the industry’s fastest growing sectors.
The offer price reflects a 15.6 per cent discount to the last close.
Treasurer Jim Chalmers says the decision, based on Foreign Investment Review Board advice, was made to “protect our national interest”.
Sources said BCAL has initially sought $5 million, but was able to raise twice the amount based on the demand.
The ASX-listed lithium aspirant’s fundraising comes as it works to secure the financing it needs to get its flagship project in Germany off the ground.